We have already stated in our previous post that financial institutions’ zeal in advanced technology Blockchain, HSBC Singapore completed a transaction using blockchain based on which it shows they perceived that the technology seems commercially compatible for trade finance business.

The banking giant is joining hands with ING and agrifood group Cargill to conduct what it claims to be the first live, commercial trade finance transaction on R3’s blockchain platform, Corda.

Newly established businesses reckon that small and medium-sized enterprises (SMEs) are not encouraged by big banks wholeheartedly when availing trade financing services and credit lines. Where financiers expect big companies with extensive assets and proven creditworthiness.

The Traxia token (TMT) is purely a membership token giving access to the platform and the services. Each time a seller adds a new invoice to the system, TMT has to be bought at an exchange to settle access fees. Within the ecosystem, tokens are used to reward issuing and providers offering technical services and maintenance of the platform.
The Traxia Foundation launched a crowdfunding campaign targeting proceeds of $15 million. The ICO was supposed to be live until June 2, but the hard cap was met 3 weeks ahead of schedule. Now, TMT tokens are expected to be distributed on June 4 and start trading on exchanges on June 6.

Although the SMEs size reaches 99% in some economies (as per the Eurostat data), these players strive to survive quite often, deprived of the favorable conditions available for their larger rivals. Access to finance is among the most critical problems for SMEs in East Asia, according to a World Bank survey, and the situation in other regions is not much different.

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